The days when the IT department runs in the background providing behind-the-scenes support for the rest of the organization have passed. Today, IT is the command center of business operations, extending its reach to human resources, manufacturing, logistics, finance, security, sales, and strategy. With its ability to take such a pivotal role in the company’s health, competitiveness, and financial strength, how can business leaders be more proactive in anticipating the next big thing in IT applications?

1. Predicting Customer Demands

Real-time, low-cost access to data, combined with devices that can think and interface with humans, have become the new power tools in the drive to become more customer-centric. Advanced analytics tools provide data that point to customer preferences that can help businesses create microsegments of customers, with customized products and pricing strategies that match these micro demands. Some artificial intelligence tools can monitor social media activity to identify subtle shifts in sentiment that can affect product demand and pricing strategy. With applications for insurance, travel, finance, retail, and health care markets, business leaders can use this new knowledge to generate new income streams.
The Trump Hotel Collection, for example, uses analytics to fuel a flexible precision pricing strategy to increase revenue on high-demand days and increase occupancy on lower-demand days.

2. The Internet of Things

The increasing prevalence of sensors in machines, consumer products, packages, and devices allow businesses to collect data that they can monitor after the product is in the hands of the consumer.
General Electric uses Internet of Things technology to monitor and track the performance data of equipment, using predictive analytics to calculate when maintenance is needed for cars, trucks, and machines so that they can schedule repairs before failure occurs. Commercial vehicles also have sensors to analyze brakes, lights, and engines to minimize downtime and reduce costs of operation. The ability to track products after they leave the manufacturing plant gives organizations the capacity to learn from usage reports so that they can improve their products to match customer usage and performance levels.

3. Enhanced Communication Improves Productivity

When employees have fewer administrative burdens, they are more productive and can focus more of their attention on mission-critical activities. Freeing them from mundane tasks can promote innovation, and with its ability to break down the physical barriers of geography, technology allows employees to work together and communicate virtually. At the same time, intelligent assistants can provide reminders that prompt employees with specific actions to meet predefined organizational and project goals.
Cyfe is a project management tool that allows teams to capture, monitor, measure, and analyze projects by pulling data from multiple sources, including Google Calendar and Salesforce, to create real-time reporting, goal setting, and alerts. These action reports allow teams to see, in real time, how their counterparts are meeting predefined goals and track key performance indicators. The tool allows teams to catch any aberrations early enough to create adjustments and changes.

4. Personalization

Artificial intelligence (AI)-powered chatbots make it possible to engage customers in live chat conversations, often with more patience and intelligence than humans.
Telecoms are using machine learning to improve their history of poor customer service with AI-powered search and chatbots that can find answers far faster than humans.

Colleges and university admission departments are using the same type of intelligence to recruit students who have a higher chance of succeeding at their schools based on historical patterns of behavior. After enrollment, they can use AI tools proactively to uncover students who are exhibiting risk behaviors, through attendance patterns and grades, so that the university can intervene to get these students back on track to graduate.

While this is not exhaustive, the point is clear. When it comes to IT, business leaders must expect IT to disrupt long-standing practices within all areas of their business. The quicker and more resilient business leaders are, the earlier they will be able to understand the risks and use technology so that they can stimulate growth and innovation.

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Susan J. Owens looks for ways to extend technology into the realms of productivity, profitability and to motivate people to intrinsically contribute their best. Early in her career, Susan became enthralled with technology, and specifically, the challenge of breaking down highly complex elements so that they could be transferred to other applications.